TREDYFFRIN TOWNSHIP FINANCIAL REPORT TWO MONTHS ENDING FEBRUARY 28, YTD Revenue Expense Total

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1 FINANCIAL REPORT YTD Revenue Expense Total General Fund 2,971,479 2,481, ,079 Capital Fund 27,600 27,600 - Sewer Utility Fund 836, , ,500 Valley Creek Trunk Sewer Fund 3,200-3,200 Total 3,839,179 3,120, ,779 TABLE OF CONTENTS Page # REVENUE & EXPENSES Executive Summary 2 General Fund Summary 3-5 General Revenue Chart 6 General Fund Expense Chart 7 Capital Fund Summary 8 Sewer Utility Fund Summary 9-11 Valley Creek Trunk Sewer Fund Summary Real Estate Property Tax Trend 14 Real Estate Transfer Tax Trend-General 15 Real Estate Transfer Tax Trend-Large Commercial 16 BALANCE SHEET Summary of Cash & Investments 17 Summary of Debt Obligations 18 page 1

2 FINANCIAL REPORT EXECUTIVE SUMMARY Page(s) Line Item Description Comments 3 Real Estate Property Tax YTD collections total $1,790,992 or 20.4% of the $8,784,000 budget. This is a 5.5% Increase in the percent (%) collected as compared to the budgeted revenues and a 41.7% increase in the total $ amount collected against prior year to date (PYTD). 3 RE Transfer Tax RE Transfer tax collections totaled $267,787, which is 6.2% of the $4,350,000 annual budget. Although February's ytd collections are trailing prior year and budget, we expect to increase in Q2 which is typical. 3 Building Permits YTD permit revenue totaled $430k, which is 22.6% of the $1,900,000 budget and a $168k increase in revenues from the PY. This increase is primarily due to revenues received from a large development. 3 Other Revenues The increase is due to $200,000 in contribution revenue for open space. 9 Investment Earnings The favorable interest revenue increase is primarily due to interest on proceeds ot the sale of Valley Creek Trunk Sewer. Note: The Monthly Financial Summaries being presented are on the "cash basis" of accounting. Some of the minor variances noted are the direct cause of using this basis of accounting. Executive Summary page 2

3 GENERAL FUND SUMMARY YEAR TO DATE FAV ANNUAL BUDGET (UNFAV) BUDGET VARIANCE REVENUES Real Estate Property Tax 1,790,992 1,264, ,978 8,784,000 (6,993,008) Real Estate Transfer Tax 267, ,398 (115,611) 4,350,000 (4,082,213) Local Services Tax (704) 1,880,000 (1,879,900) Mechanical Amuse. Devices 16,400 15, , Licenses & Permits Building Permits 429, , ,600 1,900,000 (1,470,300) Cable Television Franchise 90,500 94,800 (4,300) 775,000 (684,500) Other 46,700 43,900 2, ,600 (477,900) Fines & Forfeits 23,600 25,600 (2,000) 181,250 (157,650) Investment Earnings 46,700 35,600 11, ,000 (116,300) Rents 19, ,600 (85,800) 162,500 (142,700) Intergovernmental Revenues PA ACT 205 Pension Aid ,200 (665,200) PA Recycling ,000 (70,000) PA Foreign Fire Insurance ,000 (325,000) PA State -Other 6,800-6,800 38,000 (31,200) Other Agencies - 70,500 (70,500) 180,000 (180,000) Certs & Extra Duty 21,700 19,300 2, ,000 (122,300) Parks & Rec Fees 8,700 16,100 (7,400) 222,000 (213,300) Other Revenues 202,000 10, , ,000 81,000 Operating Transfers Estimated Use of Reserves - 196,284 (196,284) 1,626,845 (1,626,845) Total Operating Revenues 2,971,479 2,544, ,279 22,128,195 (19,156,716) Total General Fund Revenues 2,971,479 2,544, ,279 22,128,195 (19,156,716) General Fund Summary page 3

4 GENERAL FUND SUMMARY EXPENSE YEAR TO DATE FAV ANNUAL BUDGET (UNFAV) BUDGET VARIANCE Salary General-Salary 1,343,500 1,302,600 (40,900) 8,571,700 7,228,200 Over Time 78,400 61,400 (17,000) 311, ,600 Extra Duty Reimb. 11,700 10,000 (1,700) 85,000 73,300 Benefits Medical / Life Insurance 553, ,900 (41,800) 3,600,070 3,046,370 Retirement - 271, ,400 2,489,050 2,489,050 FICA, W/C & U/C 121,700 57,900 (63,800) 801, ,900 Training 23,700 16,500 (7,200) 105,850 82,150 Supplies Office 1,100 1, ,000 13,900 General 92, ,000 22, , ,650 Clothing & Uniforms 2,500 3, ,000 55,500 Vehicle Fuels 18,000 12,400 (5,600) 170, ,900 Professional Services Audit 4,900 6,000 1,100 48,625 43,725 Bank /Management ,000 5,000 Legal 8,400 12,400 4, , ,600 Reimbursable Engineering 4,500 27,100 22, , ,500 Reimbursable Legal - 2,100 2,100 40,000 40,000 Other professional Services 49,500 20,000 (29,500) 303, ,300 Insurance Surety & Fidelity - 2,300 2,300 12,600 12,600 Property 47,800 - (47,800) 266, ,950 Utilities Electricity/Gas/Water 14,300 12,800 (1,500) 99,000 84,700 Hydrant Service , ,500 Communication 16,100 17,300 1, ,250 94,150 Interdepartmental Expense Allocation (30,400) (46,700) (16,300) (182,600) (152,200) Repairs & Maintenance Street 27,300 3,800 (23,500) 108,000 80,700 Building 6,200 13,500 7, , ,300 Parks 1, (800) 86,000 84,300 Equipment 1,300 1,300-28,500 27,200 Vehicle 16,800 22,600 5, , ,950 Rentals - Equipment 3,900 3,700 (200) 44,200 40,300 Other Service 28,400 25,700 (2,700) 207, ,500 General Fund Summary page 4

5 GENERAL FUND SUMMARY YEAR TO DATE FAV ANNUAL BUDGET (UNFAV) BUDGET VARIANCE EXPENSE ( Cont.) Information Technology 33,200 55,300 22, , ,300 Contributions Library ,900 84,900 T/E School Fire Company ,055,600 1,055,600 Public Access TV Studio (500) 30,000 29,500 Debt Service Principal ,615,000 1,615,000 Interest ,900 98,900 Transfer to a capital reserve , ,000 Total Operating Expense 2,481,400 2,544,200 62,800 22,128,195 19,646,795 Total General Fund Expense 2,481,400 2,544,200 62,800 22,128,195 19,646,795 Operating Surplus / (Deficit) 490, , ,079 General Fund Summary page 5

6 Intergovernmental Revenues 0.2% Fines & Forfeits 0.8% Departmental Earnings 2.2% Miscellaneous 6.8% 2019 REVENUE PERFORMANCE WHERE THE $3.0M CAME FROM: Reserves 0.0% Investment Earnings 1.6% Operating Transfers 0.0% Licenses & Permits 19.1% LST 0.0% RE Taxes 60.3% Transfer Taxes 9.0% Revenue Chart page 6

7 2019 Expenditure Performance Where the $2.5M was spent: Capital 1% Planning & Zoning 5% General Government 14% Engineering 2% Libraries 7% Public Safety 53% Parks & Rec 4% Public Works 14% Expense Chart page 7

8 CAPITAL FUND SUMMARY YEAR TO DATE FAV ANNUAL BUDGET (UNFAV) BUDGET VARIANCE REVENUES Grants/Other Capital Revenue 126,100 60,100 66,000 4,252,000 (4,125,900) Capital Reserve & Bond (98,500) (35,300) (63,200) 4,257,580 (4,356,080) Total Capital Revenues 27,600 24,800 2,800 8,509,580 (8,481,980) Capital Expense Capital-Infrastructure 27,300 24,800 (2,500) 6,180,000 6,152,700 Capital-Buildings (200) 1,170,000 1,169,800 Capital-Vehicles , ,500 Capital-Equipment (100) 217, ,980 Capital-IT ,000 10,000 Total Capital Expense 27,600 24,800 (2,800) 8,509,580 8,481,980 Surplus / (Deficit) Capital Fund Summary page 8

9 SEWER UTILITY SUMMARY REVENUES YEAR TO DATE FAV ANNUAL BUDGET (UNFAV) BUDGET VARIANCE Investment Earnings 98,800 25,500 73, ,000 (126,200) Charges for Services Sewer 732, ,200 5,700 4,478,000 (3,745,100) Other 1,300 1,300-20,000 (18,700) Other Revenue 3,900 11,100 (7,200) - 3,900 Total Operating Revenues 836, ,100 71,800 4,723,000 (3,886,100) Tapping & Connection Fees - 3,500 (3,500) 100,000 (100,000) SUF Reserves ,259,050 (4,259,050) Total Capital Revenues - 3,500 (3,500) 4,359,050 (4,359,050) Total Revenues 836, ,600 68,300 9,082,050 (8,245,150) Sewer Utility Fund Summary page 9

10 SEWER UTILITY SUMMARY YEAR TO DATE FAV ANNUAL BUDGET (UNFAV) BUDGET VARIANCE EXPENSE Salary General-Salary 70,600 51,000 (19,600) 466, ,100 Over Time 2,700 3,700 1,000 20,000 17,300 Benefits Medical / Life Insurance 20,000 14,500 (5,500) 173, ,430 Retirement - 31,100 31,100 38,700 38,700 FICA, W/C & U/C 10,800 4,400 (6,400) 69,300 58,500 Training ,500 4,000 Supplies Office General 2,600 3, ,300 57,700 Clothing & Uniforms ,200 3,200 Vehicle Fuels 4,400 2,600 (1,800) 20,000 15,600 Advertising Sewage Conveyance & Treatment 320, ,500 (44,300) 2,626,400 2,305,600 Professional Services Audit ,000 22,000 Bank /Management ,500 1,500 Legal - 2,000 2,000 75,000 75,000 Reimbursable - 1,000 1,000 7,000 7,000 Other , ,000 Misc. Contracted Services 13,000 2,600 (10,400) - (13,000) Insurance Property 3,400 - (3,400) 18,900 15,500 Utilities Pump Station 4,100 5,300 1,200 35,000 30,900 Electricity Street Lights Signals 23,200 21,700 (1,500) 275, ,800 Communication 100 5,100 5,000 11,000 10,900 Interdepartmental Expense Allocation 30,400 25,900 (4,500) 182, ,200 Sewer Utility Fund Summary page 10

11 SEWER UTILITY SUMMARY EXPENSE ( Cont.) YEAR TO DATE FAV ANNUAL BUDGET (UNFAV) BUDGET VARIANCE Repairs & Maintenance Sewer 10,000 1,400 (8,600) 65,000 55,000 Light & Signals 40,200 10,100 (30,100) 225, ,800 Collection System - 8,400 8, , ,000 Equipment 7,100 - (7,100) 7, Vehicle 1,800 1,300 (500) 20,000 18,200 Street Light Repair & Maintenance 30,700 31, (30,700) Emergency Repairs - 31,900 31, , ,000 Other Service ,000 16,000 Information Technology ,000 1,000 Total Operating Expense 596, ,000 (59,400) 4,846,030 4,249,630 Capital Expense Capital-Infrastructure ,750,000 2,750,000 Capital-Buildings ,000,000 Capital-Vehicles Capital-Equipment ,020 Capital-IT 15,000 3,900 (11,100) 57,000 42,000 Lease-Rent of Equipment Total Capital Expense 15,000 3,900 (11,100) 4,236,020 2,792,000 Total Sewer Utilities Fund Expense 611, ,900 (70,500) 9,082,050 7,041,630 Operating Surplus / (Deficit) 225, ,700 (2,200) - (1,203,520) Sewer Utility Fund Summary page 11

12 VALLEY CREEK TRUNK SUMMARY REVENUES YEAR TO DATE FAV ANNUAL BUDGET (UNFAV) BUDGET VARIANCE Investment Earnings 3,200 1,000 2,200-3,200 Charges for Services Easttown Township - 21,100 (21,100) - - East Whiteland Township - 34,600 (34,600) - - Malvern Borough - 6,700 (6,700) - - Tredyffrin Township - 18,700 (18,700) - - Valley Forge Sewer Authority (300) - - Willistown Township - 21,300 (21,300) - - Total Revenues 3, ,700 (100,500) - 3,200 EXPENSE Salary General-Salary - 15,800 15, Over Time Benefits Medical / Life Insurance - 7,300 7, Retirement - 8,800 8, FICA, W/C & U/C - 1,500 1, Training Supplies Office General Clothing & Uniforms Vehicle Fuels Professional Services Audit Bank /Management VCTS Summary page 12

13 VALLEY CREEK TRUNK SUMMARY EXPENSE ( Cont.) YEAR TO DATE FAV ANNUAL BUDGET (UNFAV) BUDGET VARIANCE Professional Services cont'd Legal Engineering/Consulting Other Insurance Surety & Fidelitys Property Utilities Electricity / Pump Station - 10,600 10, Communication Interdepartmental Expense Allocation - 20,800 20, Repairs & Maintenance Sewer Pump Station Emergency Repairs Equipment Vehicle Rentals - Equipment Other Service - 2,600 2, Total Operating Expense - 68,200 68, Capital Expense Capital-Infrastructure - 2,600 2, Total Capital Expense - 2,600 2, Total Expense - 70,800 70, Operating Surplus / (Deficit) 3,200 32,900 (29,700) - 3,200 VCTS Summary page 13

14 REAL ESTATE PROPERTY TAX TREND - ACTUAL CASH RECEIPTS Dollars % of Budget Dollars % of Budget Dollars % of Budget Dollars % of Budget Dollars % of Budget JANUARY - 0.0% - 0.0% - 0.0% - 0.0% 226, % FEBRUARY 1,393, % 1,294, % 1,433, % 1,264, % 1,564, % MARCH 5,240, % 5,783, % 5,800, % 5,364, % - 0.0% APRIL 1,061, % 685, % 591, % 1,307, % - 0.0% MAY 254, % 179, % 280, % 228, % - 0.0% JUNE 87, % 173, % 41, % 73, % - 0.0% JULY 38, % 8, % 29, % 123, % - 0.0% AUGUST 55, % 37, % 36, % 48, % - 0.0% SEPTEMBER 12, % 22, % 21, % 84, % - 0.0% OCTOBER 50, % 100, % 77, % 40, % - 0.0% NOVEMBER 20, % 30, % 42, % 26, % - 0.0% DECEMBER 79, % 64, % 57, % 46, % - 0.0% TOTAL 8,294, % 8,380, % 8,411, % 8,608, % 1,790, % 8,336, Budget 8,361, Budget 8,386, Budget 8,493, Budget 8,784, Budget (Terms of Propertry Tax Billing: Billings in February, 2% Discount for payments through March 31, Face amount due through May 31 and 10% Penalty assessed after May 31) Recent Tax Millage History Year Rate % Change % % % % % % % % % % % % % % % % % % % % % Real Estate Property Tax Trend page 14

15 REAL ESTATE TRANSFER TAX TREND-GENERAL 2018 Number Favorable 2018 Number of Transactions 2019 Budget 2019 Receipts (Unfavorable) of Transactions JANUARY 169, , , , , ,690 (25,310) 32 FEBRUARY 75, , ,585 96, ,000 60,677 (114,323) 15 MARCH 145, , , , ,000 - APRIL 167, , , , ,000 - MAY 235, , , , ,000 - JUNE 287, , , , ,000 - JULY 368, , , , ,000 - AUGUST 302, , , , ,000 - SEPTEMBER 276, , , , ,000 - OCTOBER 175, , , , ,000 - NOVEMBER 236, , , , ,000 - DECEMBER 212, , , , ,000 - TOTAL 2,652,209 3,019,384 3,356,403 3,377, ,200, ,367 (139,633) 47 Large Transfer Tax Budget: 1,150,000 77,420 (1,072,580) 3 Total: 4,350, ,787 General RE Transfer Tax Trend page 15

16 REAL ESTATE TRANSFER TAX LARGE COMMERCIAL 2018 Number 2019 Number of Transactions 2019 Receipts of Transactions JANUARY , ,400 1 FEBRUARY - 566, ,020 2 MARCH , , APRIL , MAY - 50, JUNE 36,069 34, , JULY - 314, , , AUGUST 1,381,565 77, , , SEPTEMBER ,097 40, OCTOBER 111, , NOVEMBER 484, , DECEMBER 91, , TOTAL 2,104,787 1,638,536 1,576,193 1,483, ,420 3 Large RE Transfer Tax Trend page 16

17 SUMMARY OF CASH AND INVESTMENTS AS OF FEBRUARY 28, 2019 Cash Balance Banking Instiution Cash Balance GENERAL FUND OPERATING 8,899, WSFS 17,716, GENERAL FUND RESERVES 6,462, US Bank 6,163, TOTAL GENERAL FUND 15,362, PLGIT 21,421, CAPITAL RESERVES 2,089, PA INVEST 43, BOND RESERVES 775, Vanguard 12,055, TOTAL CAPITAL RESERVES 2,865, ,400, SEWER FUND 31,118, VCTS 1,040, TTMA 837, LIQUID FUELS 13, OPEB TRUST 6,162, TOTAL CASH 57,400, Cash & Investments page 17

18 SUMMARY OF DEBT OBLIGATIONS AS OF FEBRUARY 28, 2019 Original Issue Original Maturity 01/01/19 Balance 2019 Principal Payments O/S Balance 2/28/ Interest Payments General Obligation 2012 Series Bond (replaced 2004 Bond) 9,375, ,945,000-4,945,000-1,615,000 1,650,000 1,680, ,615,000 1,650,000 1,680, Outstanding Balance - General Obligation Bonds 4,945,000-4,945,000-3,330,000 1,680, Non-Electoral Debt Limit 60,736,500 60,736,500 (last calculated for the 2012 Series Bond Issue) 8.1% 8.1% Debt Obligations page 18